
	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
U.S. Treasury notes and bonds	$	59,898	$	—	$	2,327	$	—	$	57,571
Mortgage-backed securities, residential	432,271		25		65,925		—		366,371
Obligations of states and political subdivisions	36,867		—		1,599		—		35,268
Corporate bonds and notes	24,750		165		3,056		—		21,859
SBA loan pools	49,340		26		2,108		—		47,258

Total	$	603,126	$	216	$	75,015	$	—	$	528,327


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
U.S. Treasury notes and bonds	$	59,880	$	—	$	2,974	$	—	$	56,906
Mortgage-backed securities, residential	441,191		14		75,271		—		365,934

Obligations of states and political subdivisions	37,059		—		1,554		—		35,505
Corporate bonds and notes	25,750		—		3,734		—		22,016
SBA loan pools	53,391		35		2,345		—		51,081


Total	$	617,271	$	49	$	85,878	$	—	$	531,442


	March 31, 2025
	Amortized Cost		Unrecognized Gains		Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
Obligations of states and political subdivisions	$	808	$	—	$	—	$	808	$	—


	December 31, 2024
	Amortized Cost		Unrecognized Gains		Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
Obligations of states and political subdivisions	$	808	$	—	$	—	$	808	$	—

The amortized cost and estimated fair value of debt securities are shown below by contractual maturity (in thousands). Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	March 31, 2025
	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	2,541	$	2,533	$	200	$	200
After one, but within five years	73,405		70,288		48		48
After five, but within ten years	44,588		40,975		560		560
After ten years	981		902		—		—
	121,515		114,698		808		808
Mortgage-backed securities, residential	432,271		366,371		—		—

SBA loan pools	49,340		47,258		—		—
Total	$	603,126	$	528,327	$	808	$	808

The following tables summarize the investment securities available for sale with unrealized losses as of March 31, 2025 and December 31, 2024 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):


	Less than 12 months				12 months or longer				Total
March 31, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury notes and bonds	$	—	$	—	$	57,571	$	2,327	$	57,571	$	2,327
Mortgage-backed securities, residential	157		—		360,067		65,925		360,224		65,925
Obligations of states and political subdivisions	107		2		35,161		1,597		35,268		1,599
Corporate bonds and notes	—		—		16,694		3,056		16,694		3,056
SBA loan pools	480		2		42,923		2,106		43,403		2,108

Total	$	744	$	4	$	512,416	$	75,011	$	513,160	$	75,015


	Less than 12 months				12 months or longer				Total
December 31, 2024	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury notes and bonds	$	—	$	—	$	56,906	$	2,974	$	56,906	$	2,974
Mortgage-backed securities, residential	5,006		111		359,722		75,160		364,728		75,271
Obligations of states and political subdivisions	107		3		35,398		1,551		35,505		1,554
Corporate bonds and notes	1,921		79		20,095		3,655		22,016		3,734
SBA loan pools	564		1		46,018		2,344		46,582		2,345
Total	$	7,598	$	194	$	518,139	$	85,684	$	525,737	$	85,878

Management assesses the decline in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility in earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates both qualitative and quantitative factors to assess whether potential credit losses exist. The following is a discussion of the credit quality characteristics of portfolio segments carrying material unrealized losses as of March 31, 2025.

As of March 31, 2025, the majority of the Corporation’s unrealized losses in available for sale investment securities related to mortgage-backed securities, issued by government-sponsored entities and agencies. Declines in fair value were attributable to changes in interest rates and illiquidity, not credit quality. The Corporation does not have the intent, and it is not likely to be required to, sell these securities prior to anticipated recovery. Due to affiliations with U.S. governmental agencies and or enterprises, the Corporation considers these obligations to carry zero loss estimates, and has not recorded an allowance for credit losses as of March 31, 2025.

The Corporation's corporate bonds and notes portfolio is comprised of subordinated debt issues of community and regional banks. Management considers the credit quality of these investments on an individual basis. Management reviewed the collectability of these securities, taking into consideration such factors as the financial condition of issuers, reported regulatory capital ratios of issuers, and credit ratings when available, among other pertinent factors. All corporate bond debt securities continue to accrue interest and make payments as expected with no defaults or deferrals on the part of the issuers. The decrease in market value is attributable to changes in interest rates. Therefore, the Corporation considers the potential credit risk of these issuers to be immaterial, and has not recorded an allowance for credit losses as of March 31, 2025.